News on 24 November 2000
One of Italy’s largest real estate companies Beni Stabili
and Lehman Brothers Holdings have agreed to buy 60% of Telecom Italia’s
real estate unit IM.SER, valued at 2.9bn euros (£1.7bn). The sale
will give the company a net gain of 387m euros (£172m).
By reducing its assets unrelated to the telecommunications sales business
Telecom Italia plans to lower its debt. The company will however continue
to own the remaining 40% of the real estate business.
Real Estate unit IM.SER has 581 properties mainly in the Italian regions
of Lazio, Lombardy and Piedmont.
